2744                                                LAWS OF MARYLAND                         [Ch. 818

(4) Notwithstanding the provisions of any contract
to the contrary, a borrower may, at any tine, prepay all
or any part of the unpaid balance to become payable under
any instalment contract. If the borrower pays the time
balance, in full, before maturity, the licensee shall
refund to him a portion of the interest. The amount of
such refund shall be calculated by either of the
following two methods:

(a)    The amount of the refund shall represent at
least as great a proportion of the total interest as the
sum of the periodical time balance after the date of
prepayment bears to the sum of all the periodical time
balances under the schedule of payments in the original
contract; or

(b)   The amount of the interest shall be divided by
the number of months originally provided for the payment
of the time balance under the contract. This figure
shall then be multiplied by the number of months by which
the payment of the time balance has been anticipated by
the borrower, and the result so obtained, shall be the
amount of the refund to which the borrower shall be
entitled. Where the amount of the credit for
anticipation of payment is less than $1.00, no refund
need be made.]

(C) In addition to the interest, charges and fees
specifically provided for in this article, no further or
other amount whatsoever shall be directly or indirectly
charged, contracted for, or received. If any amount in
excess of the charges permitted by this article is
charged, contracted for, or received, except as the
result of an accidental or bona fide error of
computation, the contract of loan shall be void, and the
licensee shall have no right to collect or receive any
principal, interest, charges, or recompense whatsoever;
and the licensee and the several members, officers,
directors, agents, and employees thereof who shall have
wilfully and knowingly participated in such violation,
shall be guilty of a misdemeanor and upon conviction
thereof shall be punishable by a fine of not more than
five hundred dollars ($500) or by imprisonment of not
more than six (6) months or by both [such] fine and
imprisonment in the discretion of the court.

197.

Every licensee shall:

(1) At the time any loan or advance is made,
deliver to the borrower, or if there are two or more
borrowers to one of them, a statement in the English